Updated from 1:59 a.m. EST

MUNICH ( TheStreet) -- Allianz ( AZ), Europe's biggest insurer, said third-quarter operating profit rose 23.4% from a year earlier to 1.9 billion euros ($2.84 billion) as its life and health insurance business continued a recovery.

Allianz said Monday that net income from continuing operations rose to 1.3 billion euros from 545 million euros in the third quarter of 2008. Total revenue rose 5.2% to 22 billion euros.

Operating profit at the insurer's life and health insurance business rose almost fourfold to 859 million euros from 218 million euros last year. Premiums at the division rose nearly 15% to 10.8 billion euros.

Allianz said premiums at its property and casualty insurance business fell 5.4% to 10.2 billion euros, while operating income fell 18.2% to 1 billion euros.

The financial services division saw operating revenue rise 23% to 1.1 billion euros, while operating profit also rose sharply to 332 million euros.

-- Reported by Joseph Woelfel in New York .

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